First Citizens Bank today (March 11) announced that its Energy Finance business served as lead arranger on approximately $133 million in financing on behalf of Cypress Creek Renewables to support the development of the Destiny Storage project, a utility-scale, standalone battery energy storage system in Texas.
Cypress Creek Renewables is a leading renewable energy developer and independent power producer. It develops, finances, operates and owns solar and energy storage projects across the United States, bolstering the country's energy independence and resilience.
Destiny, the standalone battery energy storage project, is now under construction in Harris County, Texas. When completed in early 2026, it is planned to have a 200 MW storage capacity, contributing to the state's grid stability and renewable energy storage capacity.
"We are thrilled to announce that our large-scale battery energy storage system has secured $133 million in financing from First Citizens Bank," said Sarah Slusser, CEO of Cypress Creek Renewables. "This pivotal investment marks a significant milestone in our mission to drive the transition to cleaner, more reliable energy. With this funding, we are poised to accelerate the deployment of cutting-edge energy storage solutions, helping to stabilize grids, reduce carbon emissions, and empower communities with sustainable energy. We look forward to making a lasting impact on the future of energy."
"First Citizens is pleased to support Cypress Creek Renewables with the Destiny Storage project by arranging financing for its construction and operation," said Mike Lorusso, head of Energy Finance at First Citizens Bank. "We appreciated this opportunity to put our financing expertise to work as we grow our support of battery energy storage facilities nationwide."
First Citizens Energy Finance leverages its deep industry knowledge and expertise to offer comprehensive financing solutions for renewable energy, conventional power generation and energy storage. The unit manages a large, diverse portfolio that includes investments in all asset classes across the energy sector.
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of branches and offices nationwide; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500 . Discover more at firstcitizens.com.
About Cypress Creek Renewables
Cypress Creek Renewables is a leading renewables developer and independent power producer. It develops, finances, owns, and operates utility-scale and distributed solar and energy storage projects across the United States with a mission to power a sustainable future, one project at a time. Since inception, Cypress Creek has commercialized 12GW of solar projects. Today it owns more than 2GW of solar and has a more than 20GW solar and storage pipeline. Cypress Creek's leading O&M services business, Cypress Creek Solutions, operates and maintains more than 4GW of solar projects for customers across 24 states
